Last updated on November 17th, 2022 at 01:08 pm
On Monday, November 7th, the European Commission announced a legislative proposal for a digital euro, which will be released in early 2023.
This is according to the European Central Bank’s website, as well as a video statement made by the President of the European Central Bank, Christine Lagarde, at a conference jointly organized by the European Central Bank and the European Commission tagged, “Towards a Legislative Framework Enabling a Digital Euro.”
According to Lagarde in her keynote address for the conference, as seen on the website, “The timely adoption of a legal framework for the digital euro would give all stakeholders the necessary legal certainty to prepare for its possible introduction and send a strong signal of political support.”
“I’m very much looking forward to the legislative proposal for establishing a digital euro, which the European Commission will propose shortly,” she added.
The primary goal of the European Central Bank’s digital euro project is to make Central Bank money digitally available.
An investigation into developing a central bank digital currency was launched as far back as 2021, and external opinions on the development of the digital euro were sought through public consultations from April to June this year.
This two-year examination of the digital euro has now culminated in the European Central Bank’s decision to launch a CBDC and dish out regulations for it through legislation.
The proposed legislation, as announced, will establish the fundamentals of the digital euro before further deliberations, and if required, the European Parliament and European Council will amend it. The legislation will also address important issues raised previously in a public consultation by the European Commission and will eventually be a critical step toward the European Central Bank issuing a digital euro (ECB).
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